Have you ever had the record of a potential lead disappear or become lost under piles of information? With no convenient way to look up a customer record and verify that the lead has been closed, many sales representatives may not get a proper chance to follow up and may eventually cause a loss of business for the company.
This mainly occurs when a company follows old-school traditions and practices, and has failed to centralize their channels into a single data repository. The sales persons and marketers of such a company generally use unreliable legacy software, or maybe even perform manual recording of data, which do not support quick look-up of past customers and their records.
For example, a disorganized company may be using notepads for manual entry of information about potential customers, or Excel and Word documents to list down the company channel data. Any incoming lead is quickly lost in these expanding documents and it becomes hard to match customer data for the purpose of scheduling meetings, demos and follow-ups. These bad practices almost always result in lost leads, low productivity and general inefficiency within the company.
A way to tackle this is by utilizing a tool that allows a company to gather all the leads from their marketing channels, sort them on the basis of their importance, assign sales representatives to the relevant ones, and eventually setup a schedule for timely follow-ups. A CRM marketing software has the required tools and capabilities to perform all these actions, and in a simple and efficient manner no less.
Channel analysis and optimization:
The marketing CRM software utilizes cloud-based lead tracking tools to gather information from the channels that are created by the company, such as e-mails, newsletters, websites, phone calls, etc. Customers can then be categorized on the basis of various metrics to filter out the potential (hot and warm) leads from the cold leads. The potential leads are the customers who are curious and interested in the company’s offerings, and would require minimal effort from the sales team to land a deal; a cold lead, on the other hand, would require an unreasonable amount of selling to make that same deal.
Apart from segmenting on the basis of the lead type, CRM allows marketing analysts to study the incoming information and locate the most successful channels and the general profile of the largest user-base. They can also study the path that every customer follows to arrive at their channel. With these pieces of data, the analysts can then concentrate their marketing efforts and resources to these specific channels and pathways, and generate significantly more prospects.
Ranking the leads according to their importance:
Once the potential leads are locked in, CRM allows a company to score and rank them on importance and potential business generation. This allows the sales representatives to prioritize high-value customers and focus their energy on delivering products for them. The low-value customers are instead scheduled for follow-ups, in order to ensure that the maximum number of leads are managed without losing a good portion of the expected revenue.